President of the Korangi Association of Trade and Industry (KATI), Junaid Naqi, has welcomed the signing of 12 ministerial-level agreements between Pakistan and Iran, stating that the recently concluded negotiations on free trade agreement (FTA) will pave the way for economic prosperity and deeper bilateral cooperation between the two brotherly nations.
Naqi highlighted that the current bilateral trade volume stands at just $3 billion, with Pakistan contributing only one-third, well below expectations. He stressed that with mutual efforts, the trade volume could be expanded to $10 billion. He identified key sectors with significant potential, including textiles, pharmaceuticals, leather, and food products, and emphasized the importance of leveraging Iran’s affordable energy resources for Pakistan’s industrial growth.
Pakistan and Iran have long-standing relations that continue to strengthen over time. Our cooperation during the Iran-Israel and Pakistan-India wars is a testament to our historical solidarity,” he said.
Calling for enhanced governmental support, the KATI President urged both governments to take practical steps to eliminate trade barriers and help local businesses explore opportunities in the Iranian market. He also advocated for the promotion of barter trade to accelerate bilateral trade expansion.
The FTA, according to Naqi, will lead to tariff reductions, the removal of trade obstacles, and stimulate the business environment in both countries. He underscored the urgent need to strengthen economic linkages and business-to-business interactions, suggesting that joint exhibitions and B2B meetings be organized regularly.
Naqi further urged the government to introduce effective policies to support domestic and foreign investors, citing lucrative opportunities in Pakistan’s agriculture and industrial sectors.
“The Pakistan-Iran Free Trade Agreement has the potential to redefine our economic landscape and help both nations meet their growth targets through enhanced regional cooperation,” he concluded.
